Pension & Benefits News Most employees satisfied with current benefits package
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Wednesday, January 30, 2019

Most employees satisfied with current benefits package

By Pension and Benefits Editorial Staff

Employees are generally satisfied with their current benefits package, according to recent research from the Employee Benefit Research Institute (EBRI) and Greenwald & Associates. The 2018 Health and Workplace Benefits Survey found that 51 percent of employees indicated that they are very or extremely satisfied with their benefits; another 30 percent are somewhat satisfied. The proportion that is “not at all” satisfied remained relatively low at 9 percent.

The survey also found that despite a tight labor market, fewer employees reported that their employers are offering benefits. Health insurance remained the most frequently offered at 78 percent, followed by dental insurance at 68 percent and retirement savings plans at 67 percent. Likewise, fewer workers received benefits from their employers in 2018 compared to 2017. Declines were observed in eight out of the 10 most popular benefit offerings, EBRI noted.

The percentage of employees accessing voluntary benefits was only 12 percent. Of that, 61 percent said that they do so because it is less expensive to buy it through their employer than on their own—more than the 51 percent who cited this reason in 2017.

More than one-third (37 percent) of employees said that their employer or benefits company provides no education or advice on benefits. At the same time, depending on the benefit, between 64 percent and 76 percent of employees reported that it is either somewhat easy or very easy to find information on what is included. According to EBRI, in 2018, a majority (64 percent) of employees said they are extremely or very confident in their ability to make benefits decisions. That is up slightly from 2017.

SOURCE: www.ebri.org.

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